Gas prices rise, but looming Covid-19 restrictions could cut demand – Delaware Business Now

By | November 14, 2020

Since Monday, Delaware drivers have seen an increase at the pump, mirroring the national average, Wilmington-based Mid-Atlantic reported.

After dropping earlier in the week, the price of regular in Delaware rose four cents to $2.23, virtually unchanged from a week ago.

The lowest gas prices were in Dover, with Sam’s Club offering a $1.94 a gallon price. The BJ’s and Costco membership clubs were offering $2 a gallon gas north of the canal.

Today’s national gas price average is $2.13, up by two cents in the last week, down five cents in the last month.

CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

11/13/20

Week Ago

Year Ago

National

$2.13

$2.11

$2.60

Pennsylvania

$2.47

$2.43

$2.77

Philadelphia
(5-county)

$2.43

$2.42

$2.77

South Jersey

$2.16

$2.14

$2.52

Delaware

$2.23 as of 11/14

$2.24

$2.44

Crude Oil

$40.13
per barrel
(Fri. 11/13/20 close)

$37.14
per barrel
(11/6/20)

$57.72
per barrel
(11/15/19)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.13 per barrel, $2.99 higher than last Friday’s close.

Earlier in the week, domestic crude prices increased afterthe Organization of the Petroleum Exporting Countries (OPEC) revisedits outlook for world oil demand through the end of the year downward.

The revision raisedmarket expectations that the carteland its allies, including Russia, will either agree to continue or increase current supply cuts when they meet on November 30 and December 1.Currently, OPEC and its partners in the production reduction agreement have agreedto cut crude output through the end of 2020.

“Local gas prices saw an increase this week as a result of an uptick in demand for gasoline,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Despite a potential increase in demand over the holiday season, demand should weaken as we reach the end of the year as some states place new restrictions into place due to the rise in Covid-19 cases.”

To check out prices in your neighborhood, log on to AAA’s Fuel Price Finder at http://www.AAA.com/fuelfinder).

AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

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